9
Dec

What Will You Pay In Medicare Premiums In 2020?

2020 Calendar

Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2020 if you enrolled in Original Medicare Part A and Part B.

Medicare Part B premiums

According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $144.60 in 2020.

You may pay less than the standard Part B premium if you meet the following conditions:

– Medicare deducts premiums from your Social Security benefits

and

– The cost-of-living increase in your benefit payments for 2020 will not be enough to cover the Medicare Part B increase.

People with higher incomes may pay more than the standard premium. If your 2018 federal income tax return shows a modified adjusted gross income (MAGI) above a certain amount, a higher premium will apply. You’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium, as shown in the following table.

Medicare Premiums Table

Other Medicare costs

The following out-of-pocket costs for Original Medicare Part A and Part B apply in 2020:

 

  • Part A deductible for inpatient hospitalization: $1,408 per benefit period
  • Part A premium for those who need to buy coverage: up to $458 per month (most people don’t pay a premium for Medicare Part A)
  • Part A coinsurance: $352 per day for days 61 through 90, and $704 per “lifetime reserve day” after day 90 (up to a 60-day lifetime maximum)
  • Part B annual deductible: $198
  • Skilled nursing facility coinsurance: $176 for days 21 through 100 (for each benefit period)

For more information on costs and benefits related to Social Security and Medicare, visit ssa.gov and medicare.gov.